Johnson Controls and Tyco Complete Vast Merger
THE newly-formed Johnson Controls begins operations today following the successful completion of its merger with Tyco.
The merger unites Johnson Controls, the number one provider of building efficiency solutions with Tyco, the number one provider of fire and security solutions, as a single company positioned as a leader in products, technologies and integrated solutions for the buildings and energy sectors.
"We are more than just 2 businesses that have come together – we are now one team uniquely positioned to create value," said Alex Molinaroli, Johnson Controls chairman and CEO. "Our combined insights and world class technologies will help build even smarter, more secure and more sustainable environments that help our customers win and broadly move the world forward."
As a result of the robust integration planning already in place, the company is on track to realize $US1 Billion in savings related to previously announced merger synergies and productivity initiatives.
"In addition to identifying significant synergies and improvements, our integration teams put us in position to complete the merger a month ahead of schedule so we can hit the ground running and realize the value of the merger for customers and shareholders," said George R. Oliver, Johnson Controls president and chief operating officer. "We are ready to integrate the skill sets and capabilities of both companies and develop solutions to meet our customers' needs in ways neither company could on its own."
With $US30 billion in revenue and 117,000 employees the merged entity brings together leading product, technology and service capabilities across controls, fire, security, HVAC and energy storage, to serve the full spectrum of end markets including large institutions, government, commercial buildings, retail, industrial, small business and residential. Longer term, the company is positioned to drive new innovations in technology and business models to support the smart buildings, campuses and cities of the future. ♦